Question

Elin owes floyd $10,000. floyd assigns the claim to gary. gary does not notify elin of the assignment. later, floyd assigns the same claim to Holly. Holly immediately notifies elin of the assignment. holly has priority to payment in:________.

a. Priority to payment in all states.
b. Priority to payment in states that follow the english rule.
c. No priority to payment.
d. Priority to payment in most states.

Answer 1

Answer:A. Priority to payment in all states.

Explanation: "Assignment" is a legal or Business term used to describe the transfer of ownership of a particular asset or liability from a one person(assignor) to an another person(an assignee). THIS IS USED IN DIFFERENT FORMS IN BUSINESS, it CAN BE IN THE TRANSFER OF REAL ESTATES TO SHARES ETC.

IT IS EFFECTIVE IN LAW WHEN THE NOTIFICATION IS RECEIVED BY THE DEBTOR WHICH IN THIS CASE IS ELIN.

Priority to payment is to Holli in all the States.